Profit Rates On National Savings Schemes Slashed

BusinessProfit Rates On National Savings Schemes Slashed

New Profit Rates On National Saving Certificates

With a purpose to ensure that their money remains safe and they earn a profit on it as well, millions of people in Pakistan invest in National Savings, the Country’s largest investment & financial institution.

It operates as an autonomous body under the Ministry of Finance and is managed by the Central Directorate of National Savings (CDNS). For the year 2020, national saving certificates rates has been revised due to current to incentivize people to invest more these schemes.

   

Having 376 nationwide branches, National Savings offers a lucrative opportunity through its saving products to its over seven million valued investors.modified profit rates

Following are five Saving Certificates, the institution offers to investors and assures them a guaranteed profit on all deposits;

  1. Defence Savings Certificate (DSC)
  2. Special Savings Certificate (SSC)
  3. Regular Income Certificate (RIC)
  4. Behbood Savings Certificate (BSC)
  5. Short Term Savings Certificate (STSC)

 

Defence Savings Certificate (DSC):

Eligibility to Invest in Defence Savings Certificate

  • Pakistani nationals
  • Non-resident Pakistanis
  • Foreign Nationals
  • Institutions may also invest their employees’ related funds i.e. pension.

How to Purchase DSC?

Fill out the SC-I (Application Form) and purchase the Certificate from any of the following;

  •  National Savings Centre
  • Pakistan Post Office (PPO) or authorized branches of Scheduled Banks
  • State Bank of Pakistan

Maturity Period

  • 10 years

Profit Paid

  • On Maturity

Current Profit Rate

  • 10.40%

Modes of Deposits

  • Cash, Cheque, Draft & Pay-order

Investment Limit

  • Minimum amount of Rs 500
  • No limit in maximum investment

Taxes on Defence Savings Certificate

  • For filers: 10% of the profit
  • For non-filers: 17.5% of profit; however the tax will be 10% of profit is less than Rs 500,000.

 

Special Savings Certificate (SSC):

Eligibility to Invest in Special Savings Certificate

  • Pakistani nationals
  • Non-resident Pakistanis
  • Foreign Nationals
  • Institutions may also invest their employees’ related funds i.e. pension.

How to Purchase SSC?

Fill out the SC-I (Application Form) and purchase the Certificate from any of the following;

  • National Savings Centre
  • Pakistan Post Office (PPO) or authorized branches of Scheduled Banks
  • State Bank of Pakistan

Maturity Period

  • Three years

Profit Paid

  • On completion of each period of six months

Current Profit Rate

  • 11%

Modes of Deposits

  • Cash, Cheque, Draft & Pay-order

Investment Limit

  • Minimum amount of Rs 500
  • No limit in maximum investment

Taxes on Defence Savings Certificate

  • For filers: 10% of the profit
  • For non-filers: 17.5% of profit; however the tax will be 10% of profit is less than Rs 500,000.

Latest profit rates on national saving certificates:

national saving certificates latest profit rates details

Regular Income Certificate (RIC):

Eligibility to Invest in Special Savings Certificate

  • Pakistani nationals
  • Non-resident Pakistanis
  • Foreign Nationals
  • Institutions may also invest their employees’ related funds i.e. pension.

How to Purchase RIC?

Fill out the SC-I (Application Form) and purchase the Certificate from any of the following;

  • National Savings Centre
  • Pakistan Post Office (PPO) or authorized branches of Scheduled Banks
  • State Bank of Pakistan

Maturity Period

  • Five years

Profit Paid

  • On a monthly basis

Current Profit Rate

  • 10.56%

Modes of Deposits

  • Cash, Cheque, Draft & Pay-order

Investment Limit

  • Minimum amount of Rs 50,000
  • No limit in maximum investment

Taxes on Defence Savings Certificate

  • For filers: 10% of the profit
  • For non-filers: 17.5% of profit; however the tax will be 10% of profit is less than Rs 500,000.

 

Behbood Savings Certificate (BSC):

Eligibility to Invest in Special Savings Certificate

  • Senior Citizens aged 60 years or above
  • Widows
  • Disabled

How to Purchase BSC?

  • From any National Savings Centre by filling in SC-1 (Application Form)

Maturity Period

  • 10 years

Profit Paid

  • On a monthly basis

Current Profit Rate

  • 12.24%

Modes of Deposits

  • Cash, Cheque, Draft & Pay-order

Investment Limit

  • Minimum amount of Rs 5,000
  • No limit in maximum investment

Taxes on Defence Savings Certificate

  • No Withholding Tax

 

Short Term Savings Certificate (STSC):

Eligibility to Invest in Special Savings Certificate

  • Pakistani nationals
  • Non-resident Pakistanis
  • Foreign Nationals
  • Institutions may also invest their employees’ related funds i.e. pension.

How to Purchase STSC?

  • From any National Savings Centre by filling in SC-1 (Application Form)

Maturity Period

  • Three months, six months and one year

Profit Paid

  • On Maturity

Current Profit Rate

  • 8.60%

Modes of Deposits

  • Cash, Cheque, Draft & Pay-order

Investment Limit

  • Minimum amount of Rs 50,000
  • No limit in maximum investment

Taxes on Defence Savings Certificate

  • For filers: 10% of the profit
  • For non-filers: 17.5% of profit; however the tax will be 10% of profit is less than Rs 500,000.

 

For further details; visit http://savings.gov.pk/

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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